Sipchem says feedstock supply shortage down to 20%

Sahara International Petrochemical Co. (Sipchem) has announced improvement in feedstock supply from state-owned Saudi Aramco, as the shortage declined to nearly 20 percent from 40 percent.

Feedstock supplies are likely to reach normal levels by the end of September, as stated by the Ministry of Energy, the company said in a bourse statement.

Sipchem will eventually announce relevant financial impact and updates will be disclosed later on, in line with related regulations, the statement added.

Earlier this week, Sipchem expected to see a nearly 40 percent shortage in feedstock supplies following the attacks on Saudi Aramco’s facilities in Abqaiq and Khurais on Saturday, which had led to a temporary production halt.

Nevertheless, Energy Minister Prince Abdulaziz bin Salman said Tuesday that Saudi Arabia’s oil supplies have returned to their levels prior to the terrorist attacks.